Markets opened on a firm note on Thursday, with investors taking encouragement from positive global cues despite growing geopolitical tensions in the Middle East. The BSE Sensex climbed over 250 points in early trade, while the NSE Nifty crossed the 24,100 mark, extending the previous session’s gains. Softer-than-expected US inflation data lifted hopes that the US Federal Reserve may delay further interest rate hikes, improving sentiment across global equity markets.
The rally came even as crude oil prices stayed near $86 a barrel, marking the fourth straight day of gains following fresh US military strikes on Iran. Rising oil prices have kept investors cautious because prolonged supply disruptions could increase inflationary pressures and impact corporate earnings. However, domestic investors largely focused on the ongoing June-quarter earnings season and stock-specific opportunities.
Financial and technology stocks remained in the spotlight. HDB Financial Services surged more than 4% after reporting a 38% year-on-year jump in June-quarter profit, supported by strong net interest income and improved asset quality. HDFC Life also traded higher after posting healthy quarterly earnings. In the IT space, HCL Tech, Wipro and Tech Mahindra attracted buying ahead of their earnings announcements, helping the Nifty IT index outperform the broader market.
Among the early gainers were HDB Financial Services, HDFC Life, HCL Tech, Wipro and Tech Mahindra. On the losing side, ICICI Lombard declined sharply after disappointing quarterly results, while ICICI Prudential Life and UltraTech Cement also remained under pressure. Investors continued to monitor movements in banking and insurance stocks as earnings season gathered pace.
Market experts believe the near-term direction will depend on corporate earnings, crude oil prices and developments in the Middle East. While global uncertainty remains high, resilient domestic buying, improving earnings expectations and optimism around interest rates have helped Indian equities maintain their upward momentum. Analysts expect markets to remain volatile but believe stock-specific action will continue to dominate trading sessions in the coming days.
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